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April, 2007
John Collet, Speaker
Mr. Collett is a retired businessman who now volunteers to speak to groups about the Fair Tax. Mr. Collett gave a power point presentation. If the Fair Tax is adopted, individuals would be taxed only when new products are purchased. Each household would be paid a basic allowance which would be based on family size for food and other necessities. The tax would be approximately 23%, but goods would be taxed only once at the time of purchase. All used goods would be untaxed.
The FairTax:
- Abolishes the IRS
- Closes all loopholes and brings fairness to taxation
- Ensures Social Security and Medicare funding
- Brings transparency and accountability to tax policy
- Allows American products to compete fairly
- Reimburses the tax on purchases of basic necessities
- Enables retirees to keep their entire pension
- Enables workers to keep their entire paycheck
- A lively question and answer period followed.